The man who sang "Endless Love" with Diana Ross is Lionel Richie (the song's writer), not Peabo Bryson. Luther Vandross and Mariah Carey covered it in 1994.

"Number 1 with a bullet" is a reference to the Billboard charts. A song with a bullet had risen rapidly; basically, its popularity was still going strong. Number 1 with a bullet means you're top of the hill and not going away any time soon.